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Summit Therapeutics Shares Surge After Licensing Agreement For Cancer Program

  • Akeso Inc announced a collaboration and license agreement with Summit Therapeutics Inc (NASDAQ: SMMT) to out-license its breakthrough bispecific antibody, ivonescimab (PD-1/VEGF, AK112) for development and commercialization in the U.S., Canada, Europe, and Japan.

  • In addition, the company will co-brand the product in the license territories.

  • Currently, Akeso is conducting a phase 3 trial of ivonescimab monotherapy versus pembrolizumab monotherapy as the first-line treatment for NSCLC patients with positive PD-L1 expression.

  • In the Phase 2 study, ivonescimab showed an overall response rate (ORR) in patients with NSCLC who have failed EGFR-TKI's of 68.4% and a median Progression-Free Survival (mPFS) of 8.2 months when combined with combination chemotherapy as compared to historical mPFS of 4.3 months in combination chemotherapy alone, the current standard of care.

  • Akeso will receive a $500 million upfront payment, and the total potential deal value is up to $5 billion, including regulatory and commercial milestone payments.

  • Akeso will also receive a low double-digit percentage of royalties on net product sales of ivonescimab.

  • Akeso will retain development and commercialization rights for the rest of the world, including China.

  • Price Action: SMMT shares are up 67% at $1.32 on the last check Tuesday.

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